1918 Clarke Ave West Peoria, IL 61604

Property Details for 1918 Clarke Ave

Property size

775 SF

Property type

Residential income homes

Description

This exceptional investment opportunity presents a portfolio of five single-family homes located in West Peoria and Peoria, Illinois, offering a compelling blend of stability and growth potential. The portfolio comprises five properties with a total net rentable square footage of 5,005 square feet, ranging in size from 775 to 1,434 square feet. The properties feature a mix of bedroom and bathroom configurations, catering to a diverse tenant base. Four of the five properties are currently under month-to-month leases, providing flexibility for future rent adjustments. One property has a lease expiring December 31, 2024. The current annual net operating income (NOI) stands at $43,378, yielding a strong 10.87% capitalization rate. A pro-forma NOI of $57,944 projects a 14.52% capitalization rate, indicating significant upside potential. The properties are currently 100% occupied. All units, except one, have central air conditioning. Recent renovations in one property include new paint, flooring, countertops, and appliances. Annual property taxes total $8,209.54, and annual insurance premiums are $2,900. Utilities are paid by tenants, with GPSD and stormwater fees reimbursed by tenants to the owner. The properties are zoned for residential use and are held in fee simple ownership. This portfolio represents a rare opportunity to acquire a stabilized, high-performing multifamily investment in a desirable location. The combination of strong current performance and significant upside potential makes this an attractive investment for both seasoned and emerging investors.